California Governor Stumps for Chinese Investment
News from Voice of America:

— California governor Jerry Brown is in China this week, seeking Chinese investment in high-speed rail, renewable energy and technologies like electric vehicles.

During the first leg of his trip to China, Brown spoke at China’s prestigious Tsinghua University, where he advocated making the United States and China partners in developing technologies to reduce greenhouse gases.  

“China has been instrumental in driving down the costs, and making available that technology.  So there is a real connection,” he said.

During his trip Brown met with Prime Minister Li Keqiang and China’s minister of environmental protection, Zhou Shengxian. Brown and Zhou signed a nonbinding agreement to share information about regulations and policies to reduce pollution – a key concern in Beijing, where authorities advise people to stay indoors when air pollution levels peak.

California’s biggest city, Los Angeles, has successfully reduced its smog problem through vehicle emission standards, incentives for clean energy and other policies. Last year California held its first auction of carbon credits under the state’s greenhouse gas reduction law.  The law forces big polluting industries to buy credits to release carbon dioxide, methane and related gases.

Brown also hopes to create 20,000 new megawatts of renewable electricity by 2020.

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JPMorgan Shrinks Compensation Pool 7% at Investment-Bank Unit
News from Bloomberg:

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Why JPMorgan Results Aren’t as Good as You Think

JPMorgan Chase & Co. (JPM)’s corporate and investment bank set aside 7 percent less money for employee compensation in the first quarter while the division generated 9 percent more revenue.

The unit’s $ 3.38 billion in compensation costs amounted to 34 percent of revenue, excluding accounting adjustments, down from 35 percent a year earlier, according to figures posted today on the New York-based firm’s website. The pay pool is large enough to give each of the division’s 51,634 employees $ 65,383 for the three months.

Investment banks have faced pressure to cut costs as revenue from trading, advisory and underwriting at the nine largest global firms fell almost 10 percent from 2010 through 2012. Executives have sought to lower compensation-to-revenue ratios while retaining top bankers and traders.

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